Hyperliquid: Can $100mln revenue from third-party apps fuel HYPE’s rally?

Hyperliquid has been hitting headlines lately, thanks to the growing interest in non-crypto assets (HIP-3) such as oil, gold, and silver trading on the platform.

In March alone, HIP-3 volumes accounted for 40% of total Hyperliquid daily volumes as the West Asia crisis dragged on.

Below the surface, however, HIP-3 isn’t the only growth driver. Builder codes or integration with other platforms, such as Phantom and MetaMask wallets, has also seen incredible adoption.

Collectively, HIP-3 and builder codes (third-party ecosystem) now generate $100 million annual revenue for Hyperliquid – About 19% of total revenue share.

In terms of trading volumes alone, builder codes account for 10% of total volumes, primarily from mobile interfaces.

These are platforms like Phantom, which have plugged Hyperliquid under the hood to empower their perp offerings. For every trade made via these integrations, a fee-sharing model applies between Hyperliquid and the builder.

According to Ryan Watkins, co-founder of crypto VC firm Syncracy Capital, the two factors were ‘accelerating adoption’ for Hyperliquid.

Impact on HYPE?

Now, how does this monster adoption impact HYPE value or tokenholders? Well, since most of the revenue goes toward the token buyback program, buying pressure may trigger HYPE appreciation, especially in a positive macro environment.

In fact, this is exactly what happened in Q1 2026. As perp volumes doubled from $40B to nearly $90B, weekly revenues doubled too from less than $9M to over $22M.

This made HYPE retracement to stabilize around $20, setting up a breakout to $38- Marking a whopping 86% run. After a cool-off to $25, the second phase lifted HYPE to $43, a massive 71% upswing.

In other words, under positive market sentiment, the strong adoption is a flywheel for HYPE and tokenholders.

What’s next for HYPE price?

At the time of writing, HYPE had retraced part of its recent gains and traded below $40. But some whales kept bidding as the price retraced, underscoring that some players remained bullish on the altcoin.

Even so, HYPE was back in its H2 2025 price range of $35-50, and defending the range lows could increase the odds of hitting $50.

Final Summary

• Non-crypto assets and integration with other platforms now generate $100M annual revenue to Hyperliquid
• The massive adoption has been net positive for HYPE, and bulls may defend the $35-$50 price range if the trend continues.